As I have said a few times over the past 12 months, it is a...

As I have said a few times over the past 12 months, it is a black and white issue.

There are no maybe or ifs and buts.

They are currently mining gold at a loss. They are losing close to $750 per oz. They lost $12M and produced less than 16,000 oz.

The grade has not dramatically changed it is 1.4 g/t.

They have 10M in cash and bullion and owe 13M+ by 31/12/2017.

It could be refinanced but it has not been yet.

My view is that if a traditional debt provider was going to step in, then the existing financier orion would have rolled over the facility since they know it well. They did not, which makes me think that traditional funders will not touch this.

The legitimacy of using an equity funder is also alarming. I acknowledge that Lind is better than most. However, if we assume they can raise all the funds it is going to have an immense dillution on the share price. If we assume $20m is used over the next 12 months @ $0.20 that is 100M new shares. The share price could be lower. If at 15 cents that is 133M shares.

Management just needs to stop wasting funds on expansion studies and mine profitability. It does not matter if you have 1 B oz in the ground, if you can not do it properly then it is worthless.

If they can focus on doing 5,000 oz per month under $1500 per oz then this thing will fly.

If not then, unfortunately life becomes harder.

DYOR